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Raise, which lets consumers buy and sell gift cards online, has raised $60 million in its pursuit to become a mobile payments company.

The Chicago-based company said on Tuesday that it has completed its Series C funding round, with investments from Accel, PayPal, New Enterprise Associates and Bessemer Venture Partners. The company has now raised more than $147 million.

Raise has taken advantage of the explosive gift card industry by offering consumers an easy way to dump unwanted gift cards and buy better ones at a discount. Since launching in 2013, the company says it has helped millions of users to save $140 million. Raise takes a 12% cut of each gift card sale.

Now it's focusing on building out a mobile wallet for gift cards, wherein shoppers can purchase cards from 3,000 retailers via the app and then pay for purchases online or at the cash register. "We're trying to change consumer behavior to think of Raise before they purchase anything," says George Bousis, founder and CEO of Raise.

The main attraction is the chance to save money, with users saving an average of 12% per transaction. To be sure, the type of deal depends on the popularity of the retailer. You'll save 14.6% on an Applebee's gift card. Or 24.2% on a Cold Stone Creamery gift card. However, you'll only get 1.1% off an Amazon card.

Raise has partnered with nearly 400 retailers to sell digital prepaid cards directly to customers. The idea is that these customers will spend more, and visit more often, if they purchase a set amount ahead of time. It's also giving retailers a window into customer shopping habits. That's a big deal because physical gift cards are notoriously difficult to track.

Raise is also marketing itself as something of a one-stop shop at a time when retailers are increasingly vying for a space on your phone. It is working with retailers to develop additional features on the Raise app. "As a customer I don't want to manage or download 50 apps for 50 retailers," says Bousis. "All these different loyalty programs adds more overall confusion."

Raise still sells the majority of its gift cards through its website but says it sees that changing quickly. Bousis says a typical user used to be a frugal shopper who might buy a $500 gift card Target gift card online that they knew they would spend during the year. Now, however, they're starting to see more people use the app for smaller, repetitive purchases.

With its mobile wallet, Raise is going up against a host of other rewards programs out there. For instance, Uber recently reintroduced a program that offers 10% back at a rotating list of retailers (Dunkin' Donuts, Walgreens, Whole Foods) for users who register and use a Visa card.

As part of the round, Accel's Sameer Gandhi and Answers.com founder Mark Tebbe will join Raise’s board of directors.

I am a staff writer at Forbes covering retail. I’m particularly interested in entrepreneurs who are finding success in a tough and changing landscape. I have been at

…

I am a staff writer at Forbes covering retail. I’m particularly interested in entrepreneurs who are finding success in a tough and changing landscape. I have been at Forbes since 2013, first on the markets and investing team and most recently on the billionaires team. In the course of my reporting, I have interviewed the father of Indian gambling, the first female billionaire to enter the space race and the immigrant founder of one of the nation’s most secretive financial upstarts. My work has also appeared in Money Magazine and CNNMoney.com. Tips or story ideas? Email me at ldebter@forbes.com.